Erdene Resource Development (TSE:ERD) Share Price Crosses Below Fifty Day Moving Average – Here’s What Happened

Erdene Resource Development Co. (TSE:ERD) shares crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$8.32 and traded as low as C$6.09. Erdene Resource Development shares last traded at C$6.21, with a volume of 187,401 shares.

Analysts Set New Price Targets

Separately, Paradigm Capital increased their price target on shares of Erdene Resource Development from C$11.00 to C$14.40 and gave the stock a “speculative buy” rating in a research report on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Erdene Resource Development presently has a consensus rating of “Buy” and a consensus price target of C$14.40.

Erdene Resource Development Stock Down 3.3%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.27 and a current ratio of 4.16. The firm has a market capitalization of C$402.79 million, a P/E ratio of -31.05 and a beta of 1.53. The stock has a fifty day moving average price of C$8.32 and a two-hundred day moving average price of C$8.08.

Erdene Resource Development Company Profile

Erdene Resource Development Corp is a Canadian-based resource exploration company. It is primarily engaged in the exploration and development of precious metals and mineral deposits in Mongolia. The company’s project consists of Bayan Khundii, Altan Nar, Zuun Mod, and Khuvyn Khar. The Bayan Khundii and Altan Nar project is located within the Tian-Shan copper-gold belt in southwest Mongolia from the Chinese border city of Ceke. The Zuun Mod project is located within 200 kilometres of China’s border in Mongolia’s Bayankhongor Province.